House Financial Services Committee Chairman Barney Frank (D-Mass.) blasted Republicans in an interview Monday, arguing that the GOP has taken the side of "foreign central banks" in debates over monetary policy.
"What's striking to me, frankly ... you said that Republicans are criticizing [Federal Reserve Chairman] Ben Bernanke. That's part of it. The Republicans are joining the Central Bank of China in attacking Bernanke. This is really distressing to me," he told Bloomberg Television's Margaret Brennan.
"[W]hat they're saying," Frank said Monday, "is that America as the world's leader hasn't got a right to look at our own economic needs and somehow has to defer to everybody else. And I'm appalled by that ... One argument is [that] this might lower our currency and that's unfair to China. But having China complain about currency manipulation is like being called silly by the Three Stooges."
He added that the "talk radio right wing" would be "shattering the atmosphere" if Democrats took the same position.
China, along with Germany, South Africa and Brazil, has said that any infusion of cash could weaken the dollar — another concern voiced by the House GOP, which was split in late September over a bill pressuring China to boost the value of its own currency. The measure ultimately passed in spite of nay votes from GOP leaders John BoehnerJohn BoehnerTrump, GOP fumble chance to govern ObamaCare gets new lease on life Ryan picks party over country by pushing healthcare bill MORE (Ohio), Eric CantorEric CantorDemocrats step up calls that Russian hack was act of war Paul replaces Cruz as GOP agitator GOP shifting on immigration MORE (Va.) and Mike Pence (Ind.).
Frank will be replaced as chairman in the next Congress by either the committee's ranking member, Rep. Spencer BachusSpencer BachusSpencer Bachus: True leadership The FDA should approve the first disease-modifying treatment for Duchenne Muscular Dystrophy Study: Payday lenders fill GOP coffers MORE (R-Ala.), or Rep. Ed Royce (R-Calif.), who is challenging Bachus for the gavel.